For most businesses, the supply chain is not only the primary cost center but one of the most challenging aspects of running a profitable operation. Indeed, today’s global supply chain introduces complexities that create challenges across the organization. Businesses struggle with how to deploy inventory in the right quantity, location, and time, how to react to unplanned events, and uncertainty around demand, all of which can create excess, or deficient, inventory, speculative ordering, and more.
The systems created to overcome these challenges can span multiple ERP, CRM, and supply chain management tools, making it difficult and inefficient to track and trace products, both internally and across the partner ecosystem.
The common thread between all of these challenges is the lack of inventory visibility.
Without a clear understanding of inventory, none of the other parts of the supply chain can operate at their fullest potential.
Lack of transparency creates weaknesses in the supply chain, which increases your risk of being impacted by disruptions.
This ebook will examine the role of inventory management in each step of the supply chain and share best practices for how businesses can use inventory management to optimize operations. But first, it’s important to understand inventory management practices and their impact on the bottom line.